U.S. stock futures were uneven Wednesday, with tech under pressure as investors questioned whether premium valuations can hold without stronger earnings. By 05:55 ET (10:55 GMT), Dow futures +28 pts (+0.1%), S&P 500 futures −18 pts (−0.3%), Nasdaq 100 futures −120 pts (−0.5%). The cash market fell sharply Tuesday: S&P 500 −1.2%, Dow −0.5%, Nasdaq −2.0%.

Bubble Jitters Hit Mega-Caps

Warnings from bank chiefs intensified the rethink on multiples. Morgan Stanley CEO Ted Pick said equities could see a 10%–15% drawdown, framing it as a healthy reset after AI-led exuberance. Goldman Sachs CEO David Solomon flagged “bubble-like dynamics” in mega-cap tech that look unsustainable without faster profit growth. The remarks sharpened concerns about concentration risk in the “Magnificent Seven,” where market caps have surged to records this year.

Policy Uncertainty Elevates ADP

A prolonged U.S. government shutdown has sidelined key official releases, leaving the ADP private payrolls report to fill the gap. Fed rhetoric remains mixed: some officials floated scope for a December cut if inflation cools; others argued policy should stay restrictive given resilient demand and jobs. Consensus looks for ~+30k in ADP after a −32k prior print—an in-line outcome would likely keep December cut odds muted.

Pre-Market Movers

• AMD −4%: Strong sales and profit overshadowed by valuation angst across AI hardware.
• Pinterest −18%: Revenue guidance miss rekindles worries about digital-ad momentum.
• McDonald’s reports before the bell, offering a read on consumer pricing power and traffic.

Earnings Scorecard

With ~360 S&P 500 companies reported, ~82% have beaten estimates (FactSet), but guidance and multiple compression are dictating the tape. Until macro visibility improves and leadership broadens beyond mega-cap tech, rallies may remain fragile and headline-driven into month-end.